Richard Branson steps down as chairman of Virgin Hyperloop One

Richard Branson has reportedly left his position as the chairman of Virgin Hyperloop One. A statement from the company said Branson wants a leader who is more actively involved. Virgin Hyperloop One plans to set up a supersonic transport system in the UAE and some other countries.

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It was reported a while ago that Saudi Arabia had rejected a deal that was planned in advance with Virgin Hyperloop. The news broke after Branson stopped all talks of investment in the country following the revelations of journalist Jama Khashoggi’s death under mysterious circumstances. However, during the announcement of Branson’s departure, the company made no mention of the incident.

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“At this stage in the company’s evolution, I feel it needs a more hands-on Chair, who can focus on the business and these opportunities,” said Branson, as per a statement cited by Reuters. “It will be difficult for me to fulfil that commitment as I already devote significant time to my philanthropic ventures and the many businesses within the Virgin Group.”

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Virgin Hyperloop is currently on the lookout for a new chairman, as per a statement to the media from DP World DPW.DI, the former’s biggest shareholder.

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Hyperloop is a supersonic transportation system which was planned by Elon Musk. Technology developers such as Virgin Hyperloop One and Hyperloop Transportation Technologies are working on setting up the system in various countries including India.